Investors (Survey) Sentiment is bullish and euphoric

The most recent weekly AAII Investor Sentiment Survey registered the largest positive bull-bear result spread since July 20, 2023.

The previous time that the bulls outweighed the bears at this week’s percentage mark was (the survey results are posted each Wednesday) occurred on April 22, 2021.

The study below shows the S&P 500 with vertical lines when the other moments over the past 13 years when the bull-bear spread was above +29.2%.

Those other weekly survey dates were;

April 8, 2021

March 25, 2021

January 18, 2018

January 4, 2018

December 28, 2017

February 19, 2015

December 25, 2014

November 13, 2014

August 28, 2014

December 26, 2013

July 11, 2013

February 9, 2012

January 6, 2012

What a contrast from the bearish extreme we saw in this survey only a month ago.

That’s why it felt bearish

December 4, 2023

by Rob Zdravevski

rob@karriasset.com.au